Bitcoin Remain Illegal in 7 Countries - Are Governments Afraid of Losing Control

[fikrett]

IMF will not say or do anything. What IMF is against are the countries that makes bitcoin a legal tender. IMF have not against any countries that legalized bitcoin, it is the countries central banks or government that are against bitcoin and cryptocurrencies in general. The central banks of the countries will most likely dislike bitcoin while the countries law makers are not doing anything. But luckily, citizens of the countries do not need to wait for the government before buying and selling bitcoin.

If they needed to wait, it would be no different from any work needed to make something happen in the gov institutions

[Mate2237]

Even though Bitcoin is officially banned in these countries there are people who are trading and investing in Bitcoin in these countries to the best of my knowledge. The problem is that the government has not been able to create the environment we're crypto currency will thrive well in terms of official recognition and the necessary crypto laws that will pass the way for crypto users to thrive in these countries.


But at this point that crypto currency has gotten to, if any country is still doubtful about crypto currency and so has not officially adopted crypto then it really unfortunate. Crypto currency just like any sector in a country brings in tax or revenue to the the country economy. These leadership of these countries should have a rethink about their stands on crypto currency.

[FortuneFollower]

Even though Bitcoin is officially banned in these countries there are people who are trading and investing in Bitcoin in these countries to the best of my knowledge. The problem is that the government has not been able to create the environment we're crypto currency will thrive well in terms of official recognition and the necessary crypto laws that will pass the way for crypto users to thrive in these countries.


But at this point that crypto currency has gotten to, if any country is still doubtful about crypto currency and so has not officially adopted crypto then it really unfortunate. Crypto currency just like any sector in a country brings in tax or revenue to the the country economy. These leadership of these countries should have a rethink about their stands on crypto currency.

Legalization is always better than bans and sanctions. Especially for something like crypto.. It may bring a lot but it needs a lot of infra to be in motion of the whole system of the gov.

[Text]

I think it’s a bit more complicated than governments just not liking Bitcoin. Personally, I think regulation is the more practical path, we’re already seeing many countries trying to balance innovation & protection, setting rules for exchanges, enforcing KYC & monitoring suspicious transactions, it’s not perfect but it’s more realistic than an outright ban.

[moneystery]

Countries that have banned Bitcoin have reasons why they did it; money laundering, high energy usage, and other reasons are just fabricated reasons to justify their policies, whereas the main reason is that they do not want Bitcoin to interfere with their currency and make more people use Bitcoin as a store of value.
Bitcoin allows people to protect their wealth, especially in countries where the economy is in turmoil. Bitcoin enables people to protect their wealth from hyperinflation, and this is something that governments hate the most. The government of those countries simply does not want to lose control over their people's money. Therefore, banning Bitcoin is the step they take because they do not want people to have access to assets that can create financial freedom for them.

[Luzin]

I think it’s a bit more complicated than governments just not liking Bitcoin. Personally, I think regulation is the more practical path, we’re already seeing many countries trying to balance innovation & protection, setting rules for exchanges, enforcing KYC & monitoring suspicious transactions, it’s not perfect but it’s more realistic than an outright ban.

China is an experienced country, they understand the risks and they seem to be developing their own digital currency while officially banning all activities related to crypto. If we remember, China was a crypto hub in the past, but the government has officially banned it now. There are no binding rules, every country has strong rights to regulate itself regarding crypto. It can be assured that if this contradicts those of us who are pro-crypto, then it is just a matter of difference in thinking. Surely, banning crypto has been considered very thoroughly from all aspects, and they have accepted it. What is certain is that the reason stated by the topic creator is their reason, and surely they want to control the entire financial system in their country.

[MusaPk]

Countries that have banned Bitcoin have reasons why they did it; money laundering, high energy usage, and other reasons are just fabricated reasons to justify their policies, whereas the main reason is that they do not want Bitcoin to interfere with their currency and make more people use Bitcoin as a store of value.
Bitcoin allows people to protect their wealth, especially in countries where the economy is in turmoil. Bitcoin enables people to protect their wealth from hyperinflation, and this is something that governments hate the most. The government of those countries simply does not want to lose control over their people's money. Therefore, banning Bitcoin is the step they take because they do not want people to have access to assets that can create financial freedom for them.

If we look at OP then China, Qatar and Morocco have good economies yet they have banned Bitcoin. The reason is not the economy of the country but the government desire to have control over financial system. Even if you look at countries where crypto is allowed, its regulated in a way that allows government to have full control of whats happening inside. Despite all efforts of the government, there is no way they can control the decentralised Bitcoin. As long as your Bitcoin are in non-custodial wallets, nobody can control them except you.  

[Z-tight]

but I suspect that some of these countries are under pressure from the IMF or World Bank to outright ban cryptocurrencies as a condition for getting further loans.

Just like El Salvador, that had to withdraw BTC's legal tender status and also reduce BTC exposure, in order to receive a $1.4 billion loan from the agency. It is crazy how far the imf can go in order to smother BTC and crypto's growth around the world. Because if they can make such demands in El Salvador, then they can also pressure other countries into anti-BTC laws and policies to receive loans from them. Pathetic.

[SquirrelJulietGarden]

Just like El Salvador, that had to withdraw BTC's legal tender status and also reduce BTC exposure, in order to receive a $1.4 billion loan from the agency. It is crazy how far the imf can go in order to smother BTC and crypto's growth around the world. Because if they can make such demands in El Salvador, then they can also pressure other countries into anti-BTC laws and policies to receive loans from them. Pathetic.

IMF is not actual independent organization so they have to cooperate with governments especially ones from biggest nations like the USA. It seems you used a wrong word in this context, as IMF tried to create barrier against Bitcoin growth, not support it, so using "smoother BTC and crypto's growth" is not right.

Generally, after reading all your post, I think I understood your idea well but before reading all of it, when I read just at "smoother BTC ...", my thinking is like you're wrong about that.

They can not stop Bitcoin adoption growth as after all, there are Bitcoin Spot ETFs in the USA, a big nation, and in other countries too and these things have more contributions to Bitcoin adoption growth and capital in Bitcoin market. Stop Bitcoin Legal Tender in El Salvador but there are some thing bigger happened at other nations.

[fikrett]

but I suspect that some of these countries are under pressure from the IMF or World Bank to outright ban cryptocurrencies as a condition for getting further loans.

Just like El Salvador, that had to withdraw BTC's legal tender status and also reduce BTC exposure, in order to receive a $1.4 billion loan from the agency. It is crazy how far the imf can go in order to smother BTC and crypto's growth around the world. Because if they can make such demands in El Salvador, then they can also pressure other countries into anti-BTC laws and policies to receive loans from them. Pathetic.

Only some developing countries.. because billions in dollars is not that much when you have GDP in trillions..

[Bd officer]

In fact, Bangladesh is lagging behind other countries in many ways, such as PayPal services are still not available in Bangladesh. However, the current government has announced to launch PayPal service, it is a good initiative. Cryptocurrency was discussed in Parliament yesterday, a member of parliament discussed cryptocurrency for 2 minutes and asked to form a committee and submit a report. As far as I know this is the first time cryptocurrency has been discussed in Parliament. Perhaps the current government can legalize cryptocurrency in our country, we are somewhat optimistic about this. I think crypto should be legalized in Bangladesh as well in keeping with the times.

Interestingly, crypto currency is illegal in Bangladesh but Bangladesh ranks 13th in the global crypto adoption index.

[DanWalker]

They can not stop Bitcoin adoption growth as after all, there are Bitcoin Spot ETFs in the USA, a big nation, and in other countries too and these things have more contributions to Bitcoin adoption growth and capital in Bitcoin market. Stop Bitcoin Legal Tender in El Salvador but there are some thing bigger happened at other nations.

I dont think they are trying to stop Bitcoin adoption. What the IMF is really trying to prevent is countries making it a legal tender. Because that would destabilize the economy and weaken their power. They wouldnt have a problem if we just treated it as an asset or a commodity.

The IMF does not hate or seek to completely eliminate Bitcoin from the global financial system, as many people believe.

[salad daging]

The graphic isn't entirely accurate.

The use of Bitcoin has never been banned in Türkiye. However using Bitcoin for the purchase of goods and services was banned and that restriction is still in place. If you're a business, you can't accept payments in Bitcoin. There are no restrictions on Bitcoin trading. Centralized exchanges continue to operate and pay taxes on their profits.

When you look at the countries Bitcoin is banned, they're not developed countries. As a result of their government's decisions, the public is being affected.

This means that this is the same as Indonesia where bitcoin is prohibited for any payment transaction because it is considered illegal, including those who have a business but want to adopt bitcoin payments then it will not be possible, if it is caught it will be arrested and prosecuted according to the regulations applied.

Meanwhile, only for trading on exchanges that have been provided, then there is no prohibition whatsoever, crypto assets are still considered commodity assets, so the government allows this kind of transaction, even the exchange continues to grow until now my government has received a large tax from bitcoin trading through the exchange.